Everything You Need To Know About Bankruptcy Lawyers
“What’s bankruptcy?” You may be asking yourself this question if filing for bankruptcy is a financial step, you’re thinking about taking. By filing for bankruptcy, you can seek relief from debts you don’t believe you can pay.
A bankruptcy attorney may assist you with this task. The following guide explains what bankruptcy lawyers do and why you could benefit from hiring one.
What is a Bankruptcy Lawyer?
Bankruptcy lawyers are professionals who may represent individuals filing for bankruptcy. Generally, a bankruptcy attorney helps clients navigate what may otherwise be a complex process.
You may consider speaking with a bankruptcy lawyer if:
- You are facing significant debt and don’t know how you’ll repay it
- You want to learn more about “What does a bankruptcy do?”
- You have questions about alternatives to bankruptcy
There’s little risk involved in at least meeting with a lawyer to discuss your case. Doing so may cost you no money while providing you with the chance to learn about your options.
How to Choose the Right Bankruptcy Lawyer
As you search for a “bankruptcy attorney near me,” you might wonder what to ask a bankruptcy lawyer when you meet one or how to determine if a lawyer is right for your case. Factors to consider and research include:
- Their legal education, qualifications, and experience
- Whether bankruptcy law is among their specializations
- What past clients have said about them in reviews and ratings
- Whether you can afford a lawyer
You may also account for how comfortable you feel communicating with a given attorney. While your main goal is to hire someone with the proper qualifications, it’s also critical that you feel comfortable discussing your case with your lawyer.
What to Expect From Your Bankruptcy Lawyer
The process of hiring a bankruptcy lawyer and filing for bankruptcy usually involves these steps:
- An initial consultation, which should be free of charge to you
- An assessment of your financial situation
- If you hire a particular lawyer, developing a legal strategy with their help
- Submitting paperwork to file for bankruptcy, which your lawyer may complete on your behalf
It may also be necessary to attend hearings in court. Your lawyer can provide representation at said hearings.
Do You Really Need a Bankruptcy Lawyer?
As you search for “bankruptcy lawyers near me” online, you may wonder whether you even need to hire an attorney. This is understandable. Perhaps you believe you’d be better off filing for bankruptcy on your own.
The theoretical pros of doing so may include saving money in the short term. However, in the long run, a lawyer’s assistance can save you not only money, but also valuable time.
Reasons to hire a lawyer include:
- Making sure you have representation from someone familiar with debtor’s rights
- Enlisting the help of a professional who focuses on cases like yours
- Handling various tasks (like completing paperwork or gathering financial documents) so you don’t have to
It’s also worth noting that you may be accused of fraud if you make any errors when completing paperwork or attending to related tasks when filing for bankruptcy. That’s not something to worry about when you have a bankruptcy attorney on your side.
The Role of a Bankruptcy Lawyer in Debt Relief
What does a bankruptcy lawyer do? The following are a few services a bankruptcy attorney may offer:
- Negotiating with creditors on your behalf
- Protecting your assets and property as you file for bankruptcy
- Helping you determine whether you should file for Chapter 7 or Chapter 13 bankruptcy
- Determining if you qualify for any alternatives to bankruptcy
Be aware that answers to the question “What do bankruptcy lawyers do?” can vary somewhat depending on the circumstances. As you think about what to ask a bankruptcy attorney, be certain to find out if they offer the specific services you need.
The Cost of Hiring a Bankruptcy Lawyer
The cost of legal help for bankruptcy can vary depending on several factors. The fee structure a lawyer for bankruptcy uses is one such factor. Common fee structures for bankruptcy attorneys include:
- Retainers: A retainer fee is similar to a down payment. You pay a fee to retain a lawyer’s services, knowing the fee itself may not cover the total cost of said services.
- Hourly: Some bankruptcy lawyers charge by the hour. Ask a lawyer if they can estimate how many hours of work, they expect your case to require if they charge an hourly fee.
- Flat fee: The simplest fee structure for a bankruptcy lawyer may be one in which a lawyer charges a single fee for their services. Regardless, you should still confirm the fee is reasonable.
When considering what to ask a bankruptcy lawyer before hiring one, make sure you ask about their fees. If a particular lawyer is too expensive, don’t assume you’ll need to start looking into how to file bankruptcy without a lawyer. Odds are good if you keep searching, you’ll find a qualified professional whose services you can afford.
Common Misconceptions About Bankruptcy Lawyers
Bankruptcy law and bankruptcy attorneys in particular may be the subject of various myths and misconceptions. The following are a few examples:
Myth: I will lose all my property or assets if I file for bankruptcy.
Truth: No one can promise a specific outcome to your bankruptcy case until it’s resolved. That said, one of the roles of a bankruptcy attorney is to apply their understanding of the law to help you keep as much property as you can.
Myth: Filing for bankruptcy will harm your credit.
Truth: The issue is far more complex than that. If you’re at the stage where you’re Googling “financial lawyers near me,” it’s likely your credit is already in poor shape. While filing for bankruptcy may have an additional negative impact on it in the short run, in the long run, filing for bankruptcy with a lawyer’s assistance can help you begin the process of rebuilding your credit.
Myth: Filing for bankruptcy is too overwhelming or complex.
Truth: The process may intimidate you if you lack the necessary experience or expertise. However, someone who has gone through the process of becoming a bankruptcy lawyer and establishing themselves as a professional in the industry will likely be able to simplify the process by guiding you through it step-by-step.
Testimonials and Case Studies
Again, filing for bankruptcy doesn’t need to be as frightening as you might guess. Consider what these people had to say about the long-term impacts of the decision:
“There’s so much stigma surrounding bankruptcy. But let me tell you, it’s the best thing I ever did for myself. It’s the most important decision I made as an adult.” - Whitney Reynolds
“I thought we were going to lose the house, the cars—that they would take anything that’s got any value to it. That’s not exactly true for Chapter 7. If you can show that you’re able to pay specific debts, you can reaffirm debts that are larger and continue to pay those. I know some people will file and try to do everything themselves. I decided to opt to hire a lawyer to take care of everything for me, and I would highly recommend that.” - Robert Gale
“People will tell you that you can push through and make the payment. They’ll say don’t file for bankruptcy, but they’re giving that advice based on what they believe. You need to think about what’s good for you and how you can sustain it—and then make your decision only based on that.” - Mopelola Gloria Fagbemi
Learn More About How a Bankruptcy Lawyer Can Help You
One of the best steps you can take if you have questions about whether you should file for bankruptcy is to meet with an attorney who handles cases like yours. Their advice and help can help you achieve true peace of mind. For more information, take the Free Case Evaluation today.
